Endorsements in 2017

Table of contents

Welcome to the celebration of the International Day of Family Remittances ...... 4

IFAD’s Resolution 189/XXXVIII Proclamation of an International Day of Family Remittances...... 6

Remittance families’ contributions towards the Sustainable Development Goals...... 8

Endorsements in 2017...... 12

Endorsements by the United Nations...... 13

Endorsements by the private sector...... 17

Milestones...... 27

3 Welcome to the celebration of the International Day of Family Remittances

The International Day of Family Today, for example, we know that Remittances recognizes the efforts of aggregate remittances add up to more millions of migrants to improve the lives than three times Official Development of their families and to create a future of Assistance (ODA). Remittances are hope for their children. Remittances – the projected to total $450 billion this year. money that is sent home by migrants – But behind the numbers are the individual help to sustain 800 million people and remittances of US$200 or US$300 that are a major contributor to development. migrants send home regularly so that their Some 40 per cent of remittances go to families can buy food, pay for housing, and rural areas, where poverty and hunger meet necessary expenses. are concentrated. Two years ago, the United Nations issued The International Fund for Agricultural a call to action to eradicate poverty, Development (IFAD) is committed to end hunger, and reduce social and working in partnership to make the economic inequality in its many forms. development impact of remittances even The 2030 Agenda affirms 17 specific greater. Much progress has already been Sustainable Development Goals (SDGs) made. Only fifteen years ago, remittances that address the major challenges facing were literally unaccounted for, and the the world today. contributions of migrant workers remained unrecognized – though not to their families. For their part, the 200 million remittance But for the development community, families face these challenges every day. it has been a gradual realization that Most migrants work at difficult and often remittances are a potentially powerful tool. dangerous jobs at the low end of the Documentation of the scale and scope international economy, in order to support of remittances has been key in building those who remain at home. They have this consensus. their own specific goals: reduced poverty, better health and nutrition, education, improved housing and sanitation, and greater resilience in the face of uncertainty with the help of savings. They are working towards a more stable and sustainable future – a goal that the international community shares.

4 Current estimates are that 75 per cent of Remittances are private funds, transferred remittance flows go to meet immediate through private channels. It is obvious but needs, but the other 25 per cent – over also important to acknowledge the growing US$100 billion a year – is available for other levels of support and endorsements from purposes. Given better opportunities to the private sector, which has increased save and investment options, migrants’ its support for the remittances agenda. families will be better able to channel There are regulatory and policy aspects remittances toward long-term needs and to leveraging the power of remittances, live better lives. And because many migrant and hence governments also have the workers will eventually return home, helping opportunity to substantially increase their them build assets is a central development positive impact, particularly in the poorest policy objective. and most remote rural areas. And through further coordinated initiatives, international The projected US$6.5 trillion in aggregate financial institutions can better support remittances to be received by families living the primary goal of enhancing wellbeing of in developing countries over the period of migrant workers and their families. the 2030 Agenda represent a tremendous opportunity. Remittances count especially We have to remember also that behind in the small rural towns and villages of the numbers are the people. We invite developing countries: In 2016, one hundred everyone to join us in celebrating this low- and middle-income countries, the International Day of Family Remittances by majority with large rural populations, helping remittance families reach their own each received at least US$100 million in goals. And in doing so, we’ll get closer to remittances. It is here that remittances can achieving the SDGs, one family at a time. help make migration more of a choice than a necessity for future generations.

Gilbert F. Houngbo President of IFAD

5 IFAD’s Resolution 189/XXXVIII Proclamation of an International Day of Family Remittances

Approved by 176 Member States of IFAD’s Governing Council on 16 February 2015

The Governing Council,

Recalling the Declaration of the High-level Dialogue on International Migration and Development, unanimously adopted by the General Assembly and Member States on 3-4 October 2013, Recalling Resolution 55/93 adopted by the General Assembly, proclaiming 18 December as International Migrants Day, which calls for the protection of their human rights, Welcoming the recommendation, unanimously endorsed by representatives of the public and private sectors and civil society during IFAD’s Global Forum on Remittances, held in Bangkok on 20‑23 May 2013, to declare an International Day of Family Remittances, Considering that in many developing countries, international remittances constitute an important source of income to poor families, projected to exceed US$500 billion annually from 2016 onward, Noting that the transformative impact remittances have on access to education, food, health and housing is most apparent in communities of the developing world, particularly in rural areas where poverty rates are highest, Recognizing the critical contributions of migrants in supporting their families living in fragile states and during times of crisis, Recognizing the work done by Member States, the United Nations system and the role of civil society organizations in promoting the development impact of family remittances, Recognizing the role of the private sector in developing cost-effective and accessible financial transfer services, Noting that families, as basic units of social life, are major agents of sustainable development at all levels of society and that their contribution to that process is crucial for its success,

6 Stressing that South-South remittances can represent an important element for international cooperation among developing countries, in their collective pursuit of economic growth and sustainable development, Mindful that millions of families in rural areas are also supported by domestic remittances sent by family members typically living in urban locations, Proclaims June 16 to be the International Day of Family Remittances, (a) Invites all governments, private-sector entities, civil society representatives and inter-governmental and non-governmental organizations to undertake special efforts in observance of this Day, (b) Focuses attention on the receiving end of family remittances, and the need to capitalize on their potential to further help meet the economic, social and environmental challenges confronting developing countries, particularly in rural areas, (c) Encourages the private sector to facilitate the sending of remittances and to link these flows to a range of financial services and products for migrants and their families, (d) Invites civil society organizations to bring forward initiatives based on synergies and partnerships with international organizations, governments and the private sector, that enhance the development impact of remittances in communities of origin, (e) Calls upon the United Nations General Assembly to endorse the observance of this Day.

7 Remittance families’ contributions towards the Sustainable Development Goals

In September 2015, the United Nations In this context, the SDGs provide a unique issued a call to action to eradicate poverty, opportunity to create a convergence end hunger, and reduce social and between the goals of remittance families, economic inequality in its many forms: the strategies of the private sector The 2030 Agenda for Sustainable to tap underserved markets and the Development. This comprehensive traditional role of civil society to promote undertaking, endorsed by all 193 Member positive change. States of the United Nations, affirms the need to reach 17 specific Sustainable For example, improved legal and Development Goals (SDGs) by 2030. regulatory frameworks can create enabling environments resulting in more competition For their part, 200 million remittance and lower transaction costs. Promoting families are already engaged in this effort. financial inclusion for remittance families They subscribe to many core SDGs can increase savings and investment; through their daily lives and their aspirations private-sector initiatives that target for the future. Remittance families have opportunities to make remittance families their own individual goals: reduced poverty, account holders, clients, and customers will better health and nutrition, education benefit the families and the communities opportunities, improved housing and where they live. sanitation, and entrepreneurship, among others. They can also deal with uncertainty Current estimates show that 75 per cent by increasing their savings and acquiring of remittance flows go to meet immediate assets to ensure a more stable future. needs, but the other 25 per cent – over US$100 billion a year – is available for The potential for synergy in connecting other purposes. Given better opportunities the scale of remittances to reach the to save, remittance families will save more. SDGs is apparent: 1 billion senders and Given appropriate investment options, receivers, and a projected US$6.5 trillion in customized to their circumstances and remittances to be sent to low- and middle- goals, remittance families will invest more. income countries between 2015 and 2030. And given better mechanisms to invest in the human capital of their families through These resources are, of course, private better education, health care and housing, financial transactions between family remittance families will live better lives. members. To be clear: it is their money and families understand best how to reach In sum, by providing remittance families their own goals. But the potential impact with better opportunities and more options of remittances can only be fully realized in to use their money productively, the scope concert with coherent public policies and and ambition of the SDGs will meet the priorities, coupled with civil society and scale and resourcefulness of these families. private-sector initiatives.

8 At the household level: SDGs 1-5

Goal 1 Goal 2 Goal 3 Goal 4 End poverty in all its forms End hunger, achieve food Ensure healthy lives and Ensure inclusive and equitable everywhere security and improved nutrition promote well-being at all ages quality education and promote and promote sustainable lifelong learning opportunities How remittance families agriculture How remittance families for all contribute to the goal contribute to the goal • On average, remittances How remittance families • Remittances invested How remittance families represent up to contribute to the goal in health care – access contribute to the goal 60 per cent of recipient • In rural communities, half to medicine, preventive • One of the main reasons families’ income, and of remittances are spent care and health insurance migrants send money typically more than double on agriculture-related products – improve the home is to ensure access a family’s disposable expenses. health and well-being of to better education for income and help deal recipient families. their children. • Additional income with uncertainty, allowing increases receiving • Infants born into • Remittance-receiving them to build assets. households’ demand for remittance families have households have • Analyses of 71 developing food, which increases a higher birthweight and demonstrably better countries show significant domestic food production are less likely to die during educational participation poverty reduction and improves nutrition, their first year. than non-recipients, and effects of remittances: a particularly among children invest about one tenth of 10 per cent increase in per and the elderly. their income educating capita remittances leads their children. • Investment of migrants’ to a 3.5 per cent decline in income in agricultural • Remittances lead to the share of poor people in activities creates almost doubling school the population. employment opportunities. enrolment. Children

from remittance families, especially girls, register higher school attendance, enrolment rates and additional years in school.

• Remittances substantially reduce the probability of child labour participation.

9 Remittance families’ contributions towards the Sustainable Development Goals

At the local level: SDGs 6, 7, 12 and 13

Goal 5 Goal 6 Goal 7 Goal 12 Achieve gender equality and Ensure availability and Ensure access to affordable, Ensure sustainable empower all women and girls sustainable management of reliable, sustainable and consumption and production water and sanitation for all modern energy for all patterns How remittance families contribute to the goal How remittance families How remittance families How remittance families • Women migrant workers contribute to the goal contribute to the goal contribute to the goal now comprise half of • To create social capital • Remittances have a • As remittance families all remittance senders: and pool funds to address positive impact on family increase their purchase 100 million in total. local needs, migrants assets and overall quality capacity and change their and/or their families often of life when invested in consumption patterns, • Remittances transform the organize themselves housing, and they are more they can do so by meeting economic role of women into neighbourhood likely to be used for home individual needs and both on the sending side organizations in their improvements than for aspirations within the and receiving end through communities or through home purchases. ecological limits of the financial independence Hometown Associations planet. and better employment • Affordable solutions for (HTAs) abroad. opportunities. poor households and their • Migrant households • HTAs identify development communities are already are regular and heavy • While women remit priorities and participate in available, including efficient consumers of nostalgic approximately the same their achievement though cooking devices and clean goods (homecountry amount as men, women technical advice and energy solutions. products). tend to send a higher fund‑raising. proportion of their income • Local community projects • Trade of nostalgic goods regularly and consistently, • Projects take into account may apply clean energy and diaspora tourism even though they generally sustainability concerns and technologies, particularly imply significant revenue earn less than men. community welfare based relevant in remote rural for countries of origin. on primary needs (e.g. the areas lacking access Diaspora populations can provision of irrigation and to electricity. act as a bridge to broader clean water infrastructure) markets of nostalgic goods and local tourism.

10 At the local level: SDGs 6, 7, 12 and 13 At the national level: SDGs 8 and 10 The international community – in line with SDG 17 – is committed to working together in order to leverage the development impact of remittances.

Goal 13 Goal 8 Goal 10 Take urgent action to combat Promote sustained, inclusive Reduce inequality within and climate change and its impacts and sustainable economic among countries growth, full and productive How remittance families employment and decent 10.c contribute to the goal work for all By 2030, reduce to less than • Migration is increasingly 3 per cent the transaction Goal 17 becoming a consequence How remittance families costs of migrant remittances Strengthen the means of of climate change. contribute to the goal and eliminate remittance implementation and revitalize Remittances and diaspora • Money held by remittance- corridors with costs higher the Global Partnership for investment play a crucial receiving families and than 5 per cent Sustainable Development role in mitigating its migrants’ savings in negative impacts and host countries improve How remittance families How remittance families helping cope with income financial resources contribute to the goal contribute to the goal shortages due to weather- available to the general • Reducing the cost of • Through initiatives such related shocks. economy. This capital remittance transfers can as the Global Compact for can be maximized when substantially increase Safe, Orderly and Regular • Remittances enable coupled with financial and disposable income for Migration, the international the adoption of more entrepreneurial services. remittance-receiving community now sustainable crops and non- families. recognizes remittances farm activities. Examples • Migrant workers possess as a vital support for include: support to local tremendous assets: • By reducing average costs hundreds of millions of enterprises to provide knowledge, skills and to 3 per cent globally, people across the globe solutions for flood control, networks. remittance families would and works to strengthen more efficient use of save an additional US$20 • In terms of development their development water, improved irrigation billion annually. impact, migrants’ impact on families and systems, storm/heat/wind- investment in micro, small • Civil society awareness communities. resilient building materials, or medium enterprises raising and information among others. effectively generates campaigns are achieving employment and income in progress in promoting local communities. better working conditions for migrant workers.

11 Endorsements in 2017

Since 2015, the IDFR has received Each year, IFAD renews its call for much encouragement and support endorsement to further raise awareness and from the public and private sectors, and involve more stakeholders to take action. development organizations. In 2017, the response has been formidable.

From the United Nations: • The IDFR was noted in the United Nations Secretary-General’s Resolution on International Migration and Development A/RES/71/237: Paragraph 18. Notes the adoption of resolution 189/XXXVIII by the Governing Council of the International Fund for Agricultural Development, on 16 February 2015, in which the Governing Council proclaimed June 16 as the International Day of Family Remittances and focused attention on the receiving end of family remittances and the need to capitalize on their potential to further help meet the economic, social and environmental challenges confronting developing countries, particularly in rural areas. • The IDFR was also noted in the United Nations Secretary-General’s Report on International Migration and Development A/71/296: Paragraph 44. In 2015, the 176 States members of the Governing Council of IFAD unanimously proclaimed June 16 the International Day of Family Remittances. The Day aims to recognize the fundamental contribution of earnings by migrant workers to their families and communities back home and to the sustainable development of their countries of origin. • The IDFR has also been supported extensively by 22 United Nations organizations within the Global Migration Group (GMG).

From the private sector: • Over 90 money transfer operators representing 85 per cent of the market endorsed the IDFR, either through the International Association of Money Transfer Networks (IAMTN) or individually. • GSMA, an association of over 800 mobile operators worldwide, and leading individual companies like Vodafone. • The World Savings and Retail Banking Institute (WSBI), grouping over 6,000 savings banks in more than 80 countries. • The Emerging Payments Association (EPA), with more than 100 members around the world.

12 Endorsements by the United Nations

The Global Migration Group (GMG) is an inter-agency group bringing together heads of agencies to promote the wider application of all relevant international and regional instruments and norms relating to migration, and to encourage the adoption of more coherent, comprehensive and better coordinated approaches to the issue of international migration. The GMG is particularly concerned with improving the overall effectiveness of its members and other stakeholders in capitalizing upon the opportunities and responding to the challenges presented by international migration. At present, the Group is comprised of 22 UN entities.

Migrant remittances lift millions of families Over the past decade, the role played out of poverty across the world, as well by remittances in the development of as provide invaluable support to their migrants’ home countries has garnered communities of origin. More specifically, strong global consensus. The international remittances contribute to the improvement community is increasingly committed to of food security, education, health, well- support the efforts of millions of migrant being and housing for individual families, workers in securing a better future for and have a positive impact on savings, themselves and their families. investments, and job creation in their home communities. These funds also A dedicated target of one of the represent an important safety net in times Sustainable Development Goals (SDGs) of crisis and act as a risk management aims at reducing to less than 3 per cent the tool, improving poor people’s resilience transaction costs of migrant remittances to shocks. and eliminating remittance corridors with costs higher than 5 per cent (SDG 10.c). According to the most recent estimates, over 200 million migrant workers, In 2015, the Addis Ababa Action Agenda half of whom are women, sent about (AAAA) committed to support adequate US$430 billion back to their families and affordable financial services for in developing countries during 2016. migrants and their families, and highlighted These annual flows represent over three the need to reduce the average transaction times the global official development cost of migrant remittances as reflected in assistance (ODA) and, for most developing SDG 10.c. The Agenda also underlined the countries, surpass their foreign direct importance to facilitate new technologies, investment (FDI). promote financial literacy and inclusion, and improve data collection, whilst stressing the importance of gender mainstreaming in all financial and economic policies (AAAA B 40).

13 The New York Declaration on Refugees On the occasion of the International Day of and Migrants of 19 September 2016 Family Remittances, GMG members join (A/RES/71/1) endorsed the need to the international community in advocating promote faster, cheaper and safer transfers for the crucial role that migrants’ of migrant workers’ remittances in both remittances play in contributing to inclusive source and recipient countries, as well as growth in countries of origin, transit and the facilitation of interaction between the destination. The GMG supports efforts by diaspora and their countries of origin. governments, civil society and the private sector towards lowering the cost of sending Despite the vital importance of these remittances, promoting an inclusive and flows both at household and community enabling environment for remittance levels, several challenges still exist. High transfers, fostering financial inclusion, transaction costs, particularly in low- especially in remote rural areas, and volume corridors, lack of transparency, incentivizing the investment of remittances and the difficulties in accessing formal in productive and business activities. remittance services, especially in rural www.globalmigrationgroup.org areas and particularly for women who often have much lower rates of financial literacy, are some of the issues faced by remittance families.

In 2017, in his report to the United Nations Secretary-General, Sir Peter Sutherland, former Special Representative of the Secretary-General on Migration, dedicated the ninth recommendation to improving remittance markets and financial inclusion (A/71/728), and called for a more concerted effort to forge operational partnerships among government policymakers and regulators, financial industry representatives and technology entrepreneurs in order to make it easier for migrant workers and their families to access financial services, foster competition in remittance markets, and stop equating remittances with money laundering.

14 Endorsements by the United Nations

Established in 1951, the International Organization for Migration (IOM) is the leading inter- governmental organization in the field of migration and works closely with governmental, intergovernmental and non-governmental partners. With 166 member states, a further 8 states holding observer status and offices in over 100 countries, IOM is dedicated to promoting humane and orderly migration for the benefit of all. It does so by providing services and advice to governments and migrants. IOM works to help ensure the orderly and humane management of migration, to promote international cooperation on migration issues, to assist in the search for practical solutions to migration problems and to provide humanitarian assistance to migrants in need, including refugees and internally displaced people.

The hard-earned money that migrants include some actionable recommendations send every day to their loved ones back to lower high remittance costs and promote home represents a vital economic lifeline financial inclusion. for millions of struggling families around the world. These remittances improve High remittance costs standards of living in countless ways and Remittance transfer costs remain high, help to make vulnerable communities more particularly between countries in the global resilient to shocks, such as economic south. Intra-African transfers are the most downturns and natural and man-made expensive, with transfer costs averaging disasters. Remittances increase household 9.5 per cent in sub-Saharan Africa, income and pay for basic needs such as compared to five per cent or below in some food, education, housing and medical remittance corridors between the Gulf services. The global scale of remittances is and countries in South Asia. Many migrant staggering. The World Bank estimates that workers resort to informal channels to send US$465 billion in remittances are expected money, rather than banks or authorised to flow into developing countries in 2017. money transfer operators, because they are cheaper or more convenient. However, remittance transfer costs are uneven and remain high for many Migrants that send money home need more migrant workers sending money to accurate information on the remittance certain parts of the world. Bearing this in services available to them and their mind, and recognising the important role respective costs, so they can choose of remittances in fostering sustainable the most cost-effective option. New development, there has been a universal technologies for transferring money need call in the new development goals to reduce to be invested in. IOM seeks to combine its remittance transfer costs to 3 per cent or knowledge of migration and remittances below. This year is especially important with the different but complementary because consultations are taking place expertise of other organizations, including on the forthcoming Global Compact for the private sector, to enable improved Safe and Orderly Migration, which is set to money transfer service provision including

15 through mobile technologies or postal Improving the conditions under which services. Better partnerships are required remittances are earned at a global level between financial industry High transfer costs typically impact representatives and regulators, to create lower-skilled migrant workers opting to an enabling regulatory framework that live in precarious conditions in order breaks the monopolies of larger money to send remittances on a regular basis transfer operators, promotes the use of to their families back home. The well- new technology, and facilitates the transfer being of these migrant workers through of smaller amounts without the restrictions decent work conditions needs to be imposed by anti-money laundering/counter ensured. The remittances that they send financing of terrorism regulations. to their loved ones are often a significant proportion of their earnings. We should Financial inclusion keep in mind the commitments made Financial education initiatives for migrant as an international community under workers and recipient households play an the Sustainable Development Goals to important role in providing information and improve the conditions migrant workers know-how on low-cost transfer options, face both along the migration journey and investment possibilities and means of at work. Employers and governments using their remittances more productively. have a role to play in reducing the high Both remittance senders and receivers social costs faced by migrant workers, and need to have effective access to affordable ensure that remittances are earned under and sustainable financial services from fairer conditions. reliable and formal providers. This involves making financial systems more inclusive IOM is at one with the international and responsive to the needs of different community in celebrating the International groups. IOM advocates the improvement Day of Family Remittances as an of access to duly regulated, reliable and opportunity to recognize the contributions efficient financial services and products, for of migrant workers globally, and to improved financial infrastructure, and for strengthen current partnerships to financial literacy opportunities for remittance promote the development impact of senders and receivers. remittances worldwide. www.iom.int

16 Endorsements by the private sector

The International Association of Money Transfer Networks (IAMTN) is the only global international trade organisation that represents Money Transfer Industry/Payment Institutions providing cross-border payments. Founded in 2005, IAMTN provides a platform for industry partners to come together to discuss common challenges and industry initiatives, and create opportunities. IAMTN works closely with governments, regulators, regional associations and all other stakeholders to champion the creation of the most effective, safe, reliable and efficient payment system.

The International Association of Money on these money flows to keep food on the Transfer Networks, comprised of institutions table and a roof over their heads. providing cross-border payments, calls upon all key players of the Remittance In recent years, the remittance services Industry to join its pledge to endorse the industry, a key part of the financial “International Day of Family Remittances”. ecosystem, has come under increasing pressure from “de-risking” by the The International Day of Family Remittances international financial sector and negative was unanimously proclaimed by all 176 IFAD connotations associated with migration. Member States during its Governing Council in February 2015, and noted by the United June 16 is the day we celebrate the Nations General Assembly in 2016. hard work, sacrifice and generosity of international workers. As stakeholders June 16 is officially designated as the in the remittance industry, we, the International Day of Family Remittances. undersigned, pledge to work together to The Day aims to recognise, and raise global make remittances faster, cheaper and more awareness of, the fundamental contribution accessible to all so that this growing pool migrant workers make to the wellbeing of of money has the greatest impact possible their families and communities back home, on the lives of the poorest. and to the sustainable development of their countries of origin. We call on governments, regulators, financial institutions and development Remittances represent one of the largest bodies to do everything in their power single financial force for good on the planet. to help us achieve that aim. We are At around US$450 billion, the money committed to celebrating the power of sent home annually by migrant workers remittances with people throughout dwarfs international aid and, in some the world. instances, foreign direct investment too. www.iamtn.org Remittances also power financial inclusion www.iamtn-org.com and disproportionately benefit both the poor and women in emerging markets. Hundreds of millions of families globally rely

17 The following IAMTN members have endorsed the IDFR:

IAMTN Member companies Al Ansari Exchange Llc. Jazz Ria Money Transfer Al Ghurair Int’l Exchange Kangaroo Service Pty Ltd. Samsara Remit Alamoudi Exchange Company Kendy Money Transfer Ltd. Small World Financial Alfardan Exchange Llc. KlickEx Services Group Aqua Capital Management Lari Exchange Smith&Smith srl Ltd. Lebara Somsa (Somali Money Services Business Azimo Leader Payment System Ltd. Association) Bahrain Financing Company Malaysian Association of Stellar Development Bank AL Habib Ltd. Money Services Business Foundation BestExchangeRates.com Matchmove Pay Pte Ltd. Tawakal Money Express Cashpot Ltd. MatchMove Pte Ltd. Telenor Pakistan Tranglo Ceylon exchange Mayzus Financial Services Sdn Bhd Ltd. t/a City Express Money Transfer Transfer Oxigen Services Connect Africa Payments Ltd. MoneyPolo India Pvt Ltd. Contact Mobilink Transfast Dahabshiil Money Transfer MoneyGram International TransferTo Services Moneytrans UAE Exchange Dong Phuong Money Transfer More Money Transfers Unistream (Unistream Company Muhammadi Exchange Commercial Bank JSC) Earthport Mustaqbal Express Unistream Cyprus Ltd. Ersal Ltd. International UnityLink Financial Services Eurosol Global Transfer National Bank of Pakistan Ltd. Express Funds International NMB Bank Ltd. Nepal Viamericas Ltd. North American Money Vodafone GCC Exchange Transfer, Inc. d/b/a Wafacash GlobeTopper O G Financial Services Ltd. Wall Street Exchange Centre Hadi Express Exchange OrbitRemit Global Money Llc. HomeSend Scrl PaaySay Ltd. WorldRemit Iftin Express Ltd. Paul Merchants Ltd. Xendpay IME Ltd. Payinc Group Ltd. Index Exchange Llc. Prabhu Group Inc Inpay a/s QS Remit RealTransfer Instant Cash Worldwide Ltd. Remitly InTandem Advisors RemitONE Intel Express RemitRadar ITW Consulting Remitware Payments Inc.

18 Endorsements by the private sector

The following association and companies endorsed the IDFR also individually:

• National Money Transmitters Association, Inc.

• AUXFIN International • Barri Financial Group • Choice Money Transfer, Inc. • Dessy Irawati-Rutten/Bank Negara Indonesia – BNI Bank • DinEx • Fintech Advisors • GenX Remittance Solutions • IDT Payment Services, Inc. • IMTC – International Money Transfer Conferences • Kendy Money Transfer, Ltd. • M. Lhuillier Financial Services, Inc. • Prabhu Group, Inc. • SolidTrust Pay • SmartRemitt, Llc. • Uniteller • Wells Fargo

19 Endorsements by the private sector

The GSMA represents the interests of mobile operators worldwide. Approximately 800 mobile operators are full GSMA members and a further 300 companies in the broader mobile ecosystem are associate members. The GSMA represents its members via industry programmes, working groups and industry advocacy initiatives. It also organises the mobile industry’s largest annual exhibition and conference, the GSMA Mobile World Congress, and several other events. The GSMA is headquartered in London with regional offices worldwide.

Mobile technology is one of the most Reducing the price of international exciting forces shaping how people send remittances and contributing to SDG 10.c and receive international remittances today. A recent study conducted by the GSMA Around the world, people are shifting from across 46 international remittance corridors traditional channels to their mobile phones. found that sending from a mobile money This is helping to reduce costs, bringing account was, on average, more than us closer to the achievement of the United 50 per cent cheaper than doing so through Nations Sustainable Development Goals a global money transfer operator. Even (SDGs) and putting more money in the where recipients decided to withdraw hands of families. It is also creating new their digital funds, incurring a cash-out opportunities to deepen financial inclusion. fee, mobile money remained, on average, Steady investment by mobile money 21 per cent cheaper than the competition. providers, collaboration throughout the remittance ecosystem, and bold regulatory Mobile money is thus a critical tool to achieve reforms will be needed to ensure this the SDGs. For international remittances process keeps pace. Today, the GSMA is averaging US$200, SDG 10.c calls to proud to endorse the International Day of reduce the transaction costs of migrant Family Remittances and to share insights remittances to less than 3 per cent and to from its work on international remittances. eliminate remittance corridors with costs We also want to highlight the urgency of higher than 5 per cent by 2030. In summer enabling mobile money remittances in more 2016, the GSMA measured an average countries. We invite all interested parties to cost of sending this amount at 2.7 per cent. join forces to accelerate this process. The figure was less than 3 per cent along 34 country corridors and less than Rapid growth of mobile money remittances 2 per cent along 15 country corridors, In 2016, the GSMA reported that the number including the corridor from Malaysia to of registered mobile money accounts had the Philippines. surpassed half a billion (556 million). Based on the success of mobile money services for International remittances as a gateway domestic transfers and payments, regulators to financial inclusion in a number of markets have allowed such Mobile money also holds the potential to services to be extended internationally. This, deepen financial inclusion by giving people in turn, is unlocking a wide range of benefits a reason to keep their funds in digital form. for both remittance senders and receivers. Mobile money accounts are being used to 20 make domestic payments for things like as Rwanda and Tanzania, regulators have milk, school fees, or utilities. Increasingly, gone a step further, allowing licensed mobile money users can also receive electronic money providers to both receive salaries and access more sophisticated and send international remittances. This financial services such as insurance, process of establishing a more level savings accounts and credit. Mobile money regulatory playing field for companies international remittances can thus serve interested in facilitating international as a gateway to more meaningful financial remittances has increased competition in a inclusion, by connecting account holders to number of markets, with positive results for the wider domestic payments ecosystem. consumers.

Increasing convenience and However, in many markets, regulation empowering users remains a challenge to the expansion of Mobile money is also giving people time. mobile-based remittances. Where mobile Account holders can send or receive money providers can secure approval international transactions whenever it suits for facilitating international remittances, them. Freedom from the opening hours of they often face uncertainty around the a traditional remittance agent can make requirements and timeframe for a response life easier for those based in remote areas from the regulator. This has prompted or managing inflexible schedules. Mobile organisations such as the GSMA to call money remittance senders and receivers for standardised and transparent license reap a host of additional benefits, from criteria, as well as fixed maximum response privacy to security and transparency. times, to facilitate business planning and Account holders can conduct transactions encourage investment. independently. They can do so from the safety of their homes. And they retain a Similarly, the process of securing approval clear record on their phone of what has to connect new corridors via a previously been sent. While less tangible than cost approved hub could be streamlined. The savings, such attributes can weigh heavily approach taken by Zambia is instructive; in the decision to use mobile money. providers there can receive a general approval for the use of a transaction hub, Enabling mobile remittances enabling them to add new remittance through regulation corridors by notifying the regulator of this The progress of mobile money international intention. In many other markets, each remittances is, in part, the result of a new corridor requires a separate approval growing willingness by regulators to process that can take weeks or even facilitate market entry by non-traditional months to conclude. Trusted hubs are an providers. In Ghana for example, electronic important way that regulators can help money issuers such as mobile money mobile money remittances to scale. services have been allowed to channel www.gsma.com inbound remittances. In countries such Twitter: @GSMA 21 Endorsements by the private sector

Vodafone endorses the International Day of Family Remittances committed to providing secure, fast and competitive access to remittances through mobile money

This year Vodafone celebrated 10 years transaction costs to destinations such as of M-Pesa, our pioneering mobile Kenya, Rwanda, Tanzania or Uganda are money service which enables people to between 9-13 per cent of the transaction securely send, receive and store money value. Vodafone’s M-Pesa mobile money electronically. Today, 31 million customers remittance services have significantly in 10 countries rely on our service, making reduced the costs of remittances to Vodafone the leading mobile money 2-3 per cent of the transaction value to provider, alleviating financial uncertainty these corridors. This brings real benefits and contributing to achieving the United to receivers and supports a virtuous cycle Nations Sustainable Development Goals of competition, investment and enhanced (SDGs). Our aim is to be a platform to economic opportunities. We thus call upon provide secure, fast and competitive the international community to support the access to financial services. Mobile expansion of mobile money remittances money is well positioned to reduce the by ensuring an enabling regulatory cost of remittances, positively impacting environment facilitating the development of local communities by providing economic the international remittance ecosystem. opportunities and choice. Today, sending www.vodafone.com remittances to destinations in sub- Saharan Africa is considered to be the most expensive worldwide. Average

22 Endorsements by the private sector

WSBI brings together savings and retail banks from 80 countries, representing the interests of approximately 6,000 banks in all continents. As a global organisation, WSBI focuses on issues of global importance affecting the banking industry. It supports the aims of the G20 in achieving sustainable, inclusive and balanced growth and job creation around the world, whether in industrialised or less developed countries.

WSBI calls upon all stakeholders and US$436 billion and probably a great deal players in the remittance industry to join more including informal channels. us in endorsing the “International Day of Family Remittances”. It is essential that policy makers, regulators and other authorities continue to support WSBI has been pleased to support the enabling environments by refraining from International Day for Family Remittances imposing undue burdens on these kinds since it was first celebrated on June 16 of international transfers, ensuring that 2015. Promoting financial inclusion is part competition law is enforced, avoiding of WSBI members’ heritage and remains undue taxation, and respecting the core to their mission today. Through business models of financial service their “double bottom line” approach to providers that seek to contribute positively banking, our members balance the need to society. for financial sustainability with a return to society. Globally, they serve more than Today we celebrate, yet do so by 1.5 billion customers with around 2.3 billion recognizing that there is increased transaction accounts. This makes them the international and domestic focus largest providers of accounts – including on numbers of migrants crossing notably for low-income people – worldwide. borders. WSBI and its members call on The role they play working with society governments, regulators and development stakeholders from the first mile through bodies to support savings and retail banks to the last mile in processing international and the remittance industry as a whole as remittance transfers, channeling them into they redouble their efforts to help migrant safe deposits and ultimately helping families workers support the wellbeing of their raise living standards, is crucial. families and communities back home and thereby contribute to the sustainable International migration has today risen up development of their countries of origin. political agendas in many countries but for the 250 million international migrants We are committed to promoting the power worldwide living outside their home of remittances for people who rely on country, family remittances – money them most. sent back by migrant workers to their www.wsbi-esbg.org relatives – remain a critical lifeline for around 750 million people back home. In 2016, global remittances totaled at least 23 WSBI member companies

Africa Postbank The State Savings Bank of Österreichischer Afrique Emergence & PostBank Uganda the Republic of Tajikistan Sparkassenverband (Austrian Investments* PosteFinances “Amonatbonk” Savings Banks Association) Akiba Commercial Bank Pride Microfinance Limited Vietnam Bank for Agricultural OTP Bank Plc. and Rural Development Al Barid Bank (PML) Public Joint Stock Company (VBARD) Azania Bank Savings and Social “State Savings Bank of Development Bank Xalq Banki – The State Ukraine” (JSC Oschadbank) Banco de Poupança e Crédito Commercial People’s Bank of Société Nationale des Postes Säästöpankkiliitto (Finnish (BPC) the Republic of Uzbekistan Banque de l’Habitat du Mali (SONAPOST) Savings Banks Association) Société Nationale des Postes Banque Populaire pour Europe Samband Islenskra l’Epargne et le Crédit et des Services Financiers Sparisjóda (Icelandic Savings (SNPSF) Associazione di Fondazioni BNI Gestion (*) e di Casse di Risparmio Spa Banks Association) TPB Bank Botswana Savings Bank (ACRI) (Association of Italian Slovenska Sporitelna AS Ugafode Microfinance Limited Caisse d’Epargne de foundations and savings Sparbankernas Riksförbund Uganda Finance Trust (UFT) Madagascar banks) (Swedish Association of Caisse de Dépôt et de Gestion UNACOOPEC (*) Bank of Valletta Plc. Savings Banks and Savings Caisse des Dépôts et Banka Kombetare Tregtare Bank Foundations) Asia Pacific Consignations (BKT) Swedbank Caisse Nationale d’Epargne et Alalay Sa Kaunlaran, Inc. Banque et Caisse d’Epargne (ASKI)* de Prévoyance (CNEP) de l’Etat (BCEE) The Americas Bank Simpanan Nasional Caisse Nationale des Caisses Banque Populaire – Caisse Asociación Popular de Ahorros Buksh Foundation* d’Epargne (Groupe BPCE) d’Epargne (CNCE) y Préstamos (APAP) Caixa Económica de Cabo Caixa Económica Postal de Belarus Bank Banco Caja Social (BCS) Verde (CECV) Macau Caixa Geral de Depósitos Banco de Desarrollo Rural Campost Central Directorate of National Caixabank Savings (Banrural) Centenary Rural Development Cecabank Dongbu Savings Bank Banco del Ahorro Nacional Bank Limited Ceská Sporitelna AS Fransabank SAL y Servicios Financieros Construction and Business Coördinatie van Belgische (BANSEFI) Bank Government Savings Bank spaar- en netwerkbanken Correios de Cabo Verde (CCV) Korea Federation of Savings (Coordination of Belgian Banco Nacional de Fomento DCB Commercial Bank Banks (KFSB) Savings and Network Banks) de la Vivienda y la Producción (BNV) Fonds d’Impulsion de la Korea Post, Postal Savings De Volksbank Microfinance (FIMF)* Division Deutscher Sparkassen- und Banco Popular de Ahorro HFC Bank Ghana Limited Lien Viet Post Bank Giroverband e.V. (DSGV) BancoEstado Kenya Post Office Savings National Bank for Agriculture (German Savings Banks Caixa Econômica Federal do Bank and Rural Development Association) Brasil La Poste du Bénin (NABARD) Fédération Nationale des Caja de Ahorros de Panama La Poste Gabonaise National Savings Bank Caisses d’Epargne (FNCE) (National Federation of Federación de Cajas de La Poste Tunisienne National Savings Institute, Ministry of Finance Savings Banks) Crédito y Bancos de los Lesotho PostBank (LPB) Trabajadores (Fedecrédito) Mwanga Rural Community P.T. Bank Tabungan Negara Finance Norway Federación Peruana de Cajas Bank Limited (Persero) International Association of Municipales de Ahorro y National Savings & Credit Post Bank of Iran Collateral and Social Credit Crédito (FEPCMAC) Bank Postal Savings Bank of China (PIGNUS)* Independent Community Nigeria Postal Service State Bank Kapital Bank Bankers of America (ICBA) (NIPOST) State Bank of India Lloyds Banking Group People’s Own Savings Bank of Sumitomo Mitsui Banking Lokale Pengeinstitutter Mutual La Primera Zimbabwe Corporation (SMBC) Montepio Wells Fargo

*Associate membership 24 Endorsements by the private sector

The Emerging Payments Association (EPA) is a commercial membership association of payments industry influencers. It runs more than 50 events each year, delivers eight projects to drive change, helps to connect the ecosystem, encourages innovation and profitable business growth. Its community is over 100 MEMBERS strong and growing. Its members come from across the payments value chain; including payments schemes, banks and issuers, merchant acquirers, PSPs, retailers, and more. These companies have come together, from across the UK and internationally, to join EPA, collaborate, and speak with a unified voice. Together, transacting more than £100bn annually and employing more than 300,000 staff, EPA has a significant influence over the industry’s future.

We fully endorse the International Day of families globally rely on these money flows Family Remittances (IDFR). to keep food on the table and a roof over their heads, and to provide education and The IDFR was unanimously proclaimed better opportunities for the future. by all 176 IFAD Member States at its Governing Council in February 2015. In Today is a celebration of the hard work, December 2016, the General Assembly sacrifice and generosity of international of the United Nations took note of this migrant workers. As stakeholders in the proclamation. remittance industry, we pledge to work together to enhance innovative financial June 16 is officially designated as technology, provide greater efficiency International Day of Family Remittances. and lower the cost for a more accessible The day aims to recognize and raise global financial sector to all in order to enable awareness of the fundamental contribution poor people to control their financial life made by migrant workers to the wellbeing and to be agents of change. of their families and communities back home, and to the sustainable development We call upon governments, regulators, of their countries of origin. financial institutions and development actors to join forces towards this great Remittances represent one the largest achievement. single financial forces for good on the planet. At US$445 billion to developing We are committed to celebrating the countries, the money sent home annually power of remittances with people by migrant workers dwarfs international throughout the world. aid and, in some instances, foreign direct www.emergingpayments.org/ investment too. Remittances also promote financial inclusion and disproportionately benefit both the poor and women in emerging markets. Hundreds of millions of

25 EPA member companies 24Money Payments Envision & Company Oberthur Technologies Valitor Accomplish Financial EPAM Optal Veridu ACI Worldwide ePayments Group Oury Clark VIX Verify AEVI FICO Park Group Plc. Vocalink Allinpay Network Services Fidor Bank AG PAY.ON AG W2 Global Data Solutions allpay Ltd. Fifth Dimension Paykasa Wirecard Card Solutions Amazon Financial Conduct Authority Payment Card Solutions (UK) American Express Fire Financial Services Ltd. Annecto UK Ltd. FIS Payment Cloud Technologies APS financial Fiserv PayPoint Plc. Arkea Banking Services FleetCor Paysafe Group Bacs Payment Schemes Ltd. fscom Ltd. Paysec Bandwidth Recruitment Geoswift Pilatus Bank Barclaycard Givvit Post Office Barclays Bank Plc. Global Processing Services PrePay Solutions BI Worldwide Ltd. Global Risk Technologies Ramparts Bottomline Technologies Headcount Raphaels Bank CAMBRIST IMAS Samsung Pay Carta Worldwide InComm Europe Satispay Change Account Ltd. Isle of Man Saxo Payments Chargebacks911 K&L Gates SkyParlour Choice International Kemp Little Llp. Sodexo Motivation Solutions Ltd. Clarion Events Kompli Global Ltd. Stored Value Solutions Clearsettle Link Thames Card Technology Coinify Locke Lord (UK) Llp. Thawani Compass Plus Lycamoney Ltd. The Just Loans Group Plc.. Continuum Commerce M2 Payment Solutions Thomson Reuters Solutions MasterCard Tola Mobile Contis Group Ltd. Meerkat City Transact Payments Credorax Metro Bank Transact24 Currencycloud Mobile Commerce and Other Cybertonica Media Ltd. Transaction Network Services D+H Modulr Travelport Payment Solutions Ltd. Dejamobile NewDay Ubiquity Global Services Diners Club International Nitecrest UJB Investments Ltd. Discover Financial Services Novatti

26 Milestones

2013 Call from the private sector during the Global Forum on Remittances 2013 in Bangkok for the establishment of an International Day to recognize the fundamental contribution made by migrant workers to their families and communities. IFAD, as a specialized United Nations agency, with support from the private sector, was designated to lead the process.

2015 The International Day of Family Remittances (IDFR) endorsed by IFAD’s Governing Council on 16 February 2015. First celebration held on June 16 during the Global Forum on Remittances and Development in Milan. Her Majesty Queen Máxima of the Netherlands was Patron of the Day.

2016 Endorsements received from private-sector companies, including money transfer operators. Mention of the IDFR in the United Nations Secretary General’s Resolution and Report on International Migration and Development.

2017 Additional endorsements received from numerous international organizations and leading private-sector companies. Third celebration of the IDFR at the United Nations headquarters in New York on the occasion of the Global Forum on Remittances, Investment and Development.

27 International Fund for Agricultural Development (IFAD) IFAD is an international financial institution and a United Nations specialized agency dedicated to eradicating poverty and hunger in the rural areas of developing countries. Through low‑interest loans and grants to governments, IFAD builds and finances poverty reduction programmes and projects in the world’s poorest communities. Seventy-five per cent of the world’s poorest people, almost one billion women, men and children, live in rural areas of developing countries and depend on agriculture and related activities for their survival. IFAD focuses on poor, marginalized and vulnerable rural people, enabling them to access the assets, services and opportunities they need to overcome poverty. IFAD works closely with governments, other United Nations agencies, donors, non-governmental organizations, community groups and rural poor people themselves.

For more information, please visit www.ifad.org

International Fund for Agricultural Development Financing Facility for Remittances Pedro De Vasconcelos FFR Programme Coordinator Via Paolo di Dono, 44 – 00142 Rome, Italy Tel: +39 06 5459 2012 – Fax: +39 06 5043 463 E-mail: [email protected] www.ifad.org www.RemittancesGateway.org ifad-un.blogspot.com www.facebook.com/ifad instagram.com/ifadnews www.twitter.com/ifadnews www.youtube.com/user/ifadTV